Offer

Card features

balance transfer

purchase rate

annual fee

Money saved

8 reviews

American Express Velocity Platinum Credit Card

Receive 50,000 bonus Velocity Points when you apply online, are approved and spend $3,000 within the first 3 months. New Card Members only.

Earn 1.25 Velocity Points per $1 spent, except government bodies where you will earn 0.5 Velocity Points per $1 spent.

A complimentary domestic return flight every year with travel insurance and entry into Virgin Australia Lounges.

Add to comparison

12 months
0% p.a.
then 20.74%
with a 1% fee

20.74% p.a.
ongoing

$375
ongoing

saved over 12 months

Pros & cons

What's good?

What's not so good?

Receive 50,000 bonus Velocity Points when you apply online, are approved and spend $3,000 within the first 3 months. New Card Members only.

Earn 1.25 Velocity Points per $1 spent, except government bodies where you will earn 0.5 Velocity Points per $1 spent.

Earn 1 additional Velocity Point per $1 spent on eligible Virgin products and services.

1 x complimentary Virgin Australia return domestic flight every anniversary year.

2 complimentary entries per year to the American Express Lounges at Sydney or Melbourne International Airports. (Conditions Apply)

2 complimentary single entry passes to the domestic Virgin Australia lounge each year at selected airports.

Receive 100 Velocity Frequent Flyer Status Credits, when you spend a minimum of $50,000 within your Card Membership year.

Complimentary domestic and international travel insurance.

Card Members who currently hold or who have previously held any other Card product offered by American Express Australia Limited in the preceding 18 month period are ineligible for the sign up bonus points.

The complimentary flight is not eligible for Velocity Points and/or Status Credits earn.

If you’re doing a balance transfer then there’s a 1% balance transfer fee.

The introductory points offer excludes existing American Express Card Members.

This introductory offer is available to new American Express Card Members only.
Entry into The American Express Lounge is governed by the full Terms and Conditions available at amex.com.au/airportlounge.

Disclaimer (2): Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

4.4 out of 5.0 based on 8 reviews100% of reviewers would recommend this card

Rates and fees

Rewards

Customer service

Convenience

Trust

Reviews from users

I mostly use Visa because AmEx is not accepted

Reviewed and recommended by Peter on 27 Apr 2017

I got this card for Velocity points and there is an annual fee. The worst thing is I mostly need to use my Visa card (which earns less points) because American Express can’t be used in a lot of places. Also some places charge an extra fee for American Express cards.

Free flight, insurance, referral bonus points

Reviewed and recommended by Ambarish on 07 Apr 2017

The best credit card I have used to date: free flight and so much insurance coverage, which allows me to shop online tension-free.

It rewards me with lots of Velocity points, which will help me with a lot of travelling. I also get bonus points for a referral. I love this card!

Great perks but high annual fee

Reviewed and recommended by Ryan on 01 Apr 2017

This card has good points earning potential, especially if you take advantage of a referral or sign-up bonus. The annual fee of $395 is quite high but it is offset by insurance, lounge passes and a return domestic flight each year.

This is my first year with the card and so far I am quite happy and will likely renew.

Small business supporter

Reviewed and recommended by Dominica on 25 Sep 2016

In the six months that I’ve had my AmEx card I have been extremely impressed with it. There are so many offers and benefits that it makes it very worthwhile. I would thoroughly recommend it to anyone who is eligible. I particularly like that they aim to support local small businesses and give users extra bonuses for shopping at these stores.

Well worth the annual fee

Reviewed and recommended by Ameng on 02 Jul 2016

The major draw was the 100,000 (or 80,000) Velocity points for signing up, and while some people might be put off by the $349 annual fee, this is balanced out by the 1 free domestic flight per anniversary year, 2 free domestic lounge entries, and 2 free AmEx Lounge entries at Sydney International airport. Add on the complimentary travel insurance (up to 60 days), 3 points per dollar booking Virgin flights, 2 points per dollar booking travel related items, plus 1 point per dollar for everyday purchases, and this card is very good value.

Great experience!

Reviewed and recommended by Stephanie on 26 Jun 2016

I loved maximising the platinum benefits of this card—great monthly partner offers, travel insurance, and an annual domestic flight free were the standouts. The card also gave free access to an international travel lounge at Sydney International, which we use quite a few times a year. All round, a great platinum AmEx offering for a low annual fee compared to other platinum cards on the market.

I froth on this card

Reviewed and recommended by Zub Mombolor on 24 Aug 2015

This was an absolutely smashing offer. After analysing card upon card in the market, this offer exceeded all expectations. I have greatly benefited from this points offer! I purchased a flight to LA with this bad boy and I have used one of the airport lounge passes already. First class service.

I love it!

Perfect for domestic travel and online shopping

Reviewed and recommended by Tronsky14 on 27 Oct 2014

While the $349 annual fee is on the high side, as a frequent traveller, the benefits more than make up for the fee. Living in Perth, I am able to treat myself to an annual flight to Sydney. It comes with two lounge passes, a perk normally reserved for Velocity Silver members and a decent travel insurance policy. In the internet connected world, ordering goods and services from online retailers will earn you two Velocity points per dollar. When travelling with Virgin Australia I earn 3 points per dollar, and when combined with the points from VA themselves you will net between 8 and 13 points per dollar, depending on your status level. The monthly bonus offers have proven to be worthwhile as well, as I have saved well over the annual fee on rebates from retailers I would normally use regardless.

It is true that American Express is not accepted everywhere, and that some places charge an additional fee, so this card is not the card for every situation, and you will have other cards at your disposal, but there are many situations where it does extremely well.

Overall I am happy that this card is a perfect match to my lifestyle and the rewards and bonus offers more than make up for the high annual fee.

Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup

Single

Card tier

Platinum

Card type

American Express

Card use

Personal

Credit rating

No bad credit history

Gambling transactions allowed

Joint application

N/A

Minimum age

18 years old

Minimum income

$65,000

Minimum income for pensioners

N/A

Pensioners

N/A

Rewards program

Velocity Frequent Flyer

Temporary residents

Long Term Visa (12 months or more; Student Visa is excluded)

Cardholders

Additional cardholders

Additional card fee

$0 p.a.

Credit limits

Minimum credit limit

$3,000

Maximum credit limit

$100,000

Repayments

Interest charged from

Purchase date

Interest free period

Up to 55 days on purchases

Minimum repayment

2.5%

Balance transfers

The offer

	Interest rate	Period	Fee	Limit	Revert rate
Balance transfers	0% p.a.	12 months	1%	$10,000 or 70% of credit limit	20.74% p.a.

Balance transfers to this card

Balance transfer earns rewards

Balance transfer fee payment due

First statement

Balance transfer from personal loan

Balance transfer processing time

10 - 14 days

Interest free days with unpaid balance

0 days

Maximum balance transfer

$10,000 or 70% of credit limit

Available to existing customers

Banks you can't balance transfer from

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

American Express

Rates & fees

Promotional interest rates

	Interest rate	Period	Fee	Limit	Revert rate
Balance transfers	0% p.a.	12 months	1%	$10,000 or 70% of credit limit	20.74% p.a.
Purchases	N/A	N/A	N/A	N/A	N/A

Ongoing interest rates

	Monthly	Annually
Cash advances	N/A	N/A
Purchases	1.73%	20.74% p.a.

Fees

Annual fee

$375 p.a.

Cash advance fee

N/A

Dishonour fee

Duplicate statement fee

$10

Foreign exchange fee

Late payment fee

$30

Over limit fee

$15

Overseas ATM balance fee

N/A

Overseas ATM withdrawal fee

N/A

Overseas emergency card replacement fee

N/A

Transaction verification fee

Rewards & points

Cool stuff you can get with your points

Explore where your points can take you

40 destination ideas

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19,800 pts

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27,920 pts

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58,912 pts

Fitbit Flex wireless activity tracker

71,041 pts

PlayStation 4 1TB Console (PS4)

102,227 pts

Dyson V6 Absolute handstick vacuum cleaner

121,882 pts

Apple iPad Air 2 Wi-Fi 64GB - Silver

124,900 pts

Panasonic Viera 32" HD LED LCD TV

127,891 pts

Samsung 32" Full HD LED Smart TV

144,822 pts

Disclaimer: Points required accurate as of the 31st March 2018.

Rewards program basics

First purchase bonus

50,000 points

Reward points expiry

Never as long as you keep your account active

Rewards program

Velocity Frequent Flyer

Spend required for bonus points

$3,000 a month for the first 3 months

Earning points with this card

Frequent flyer points

1.25 pts per $1 spent

Overseas earn rate

Same as standard earn rate

Points cap per month

Unlimited

Points cap per year

Unlimited

Points earned on ATO payments

0.5 pts per $1 spent

Reward points

1.25 pts per $1 spent

Additional benefits

Airport lounge access

Yes

Complimentary flight voucher

Yes

Concierge service

Minimum criteria for this card

What you need before applying

Be over 18 years old

You are a resident or citizen of Australia

Earn a regular income of more than $65,000 per year

Have no history of bad credit

You have your personal details ready to complete the online application

Have not applied for multiple credit cards recently

Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.