American Express Velocity Platinum Credit Card

American Express Velocity Platinum Credit Card

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Card features
Rewards program
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Sign up bonus
Points earned
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. This offer is available to 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
Velocity Frequent Flyer
Velocity Frequent Flyer
1.25 pts
per $1 spent
after spend criteria

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. This offer is available to 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

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.

Our review

Our review of the American Express Velocity Platinum Credit CardReviewed by Yvonne Taylor

Amex is making sure that it has all bases covered with its American Express Velocity Platinum Credit Card. While thrifty Virgin Australia customers may be attracted by the American Express Velocity Escape Card, truly frequent flyers – for whom both domestic and international travel are a regular occurrence – will be looking for something more. The inclusion of the word ‘Platinum’ in this card’s title is a sure indication that they will find all that they are expecting, with a large number of bonus Velocity points to ice the cake.

Sorting out the dollars

Let’s get the housekeeping out of the way by crunching the mundane numbers to begin with.

  • Minimum income requirement. You’ll need to demonstrate an annual income of at least $65,000.
  • Annual fee. Yes, you will pay an annual fee – $375 every year – but if this is the kind of card you are looking for you will understand that some contribution must be made to the cost of the so-called ‘complimentary’ benefits. In reality, you are buying extensive insurance, travel benefits and accelerated rewards earning at a heavily discounted rate. It’s a bargain if you can make good use of these privileges, but a waste of money if you can’t. Supplementary cards are provided at no additional cost.
  • Balance transfer offer. There’s a balance transfer offer if you need it, allowing you to bring across up to $10,000 from your existing non-Amex card and pay no interest for 12 months. However, you will pay a 1% credit plan establishment fee upfront, the equivalent of slightly more than 1% p.a. in interest (given that you will be reducing the balance with minimum monthly repayments). Add to this the fact that you’ll lose any interest-free days on purchases while you have a balance outstanding (interest will be applied from the date of each individual purchase until your full repayment date) and the offer doesn’t look particularly tempting unless you are currently carrying heavy credit card debt.
  • Interest rate. The ongoing purchases interest rate (and balance transfer revert rate) is 20.74%, a typical level for a platinum card. Amex is probably assuming that platinum card users will not be planning to maintain an unpaid purchase balance for long periods. Cash advances are not available on this card, so there’s no cash advance interest rate quoted.
  • Interest-free days. You won’t get any long introductory interest-free period on purchases, but, thanks to the monthly billing cycle, you will get up to 55 interest-free days each month (temporarily forfeited if take up the balance transfer offer), much better than the up to 44 interest-free days offered by some competing cards.

Now that you know how much the card is going to cost you, and what other financial incentives or deterrents are involved, it’s time to look at the rewards points, travel benefits and insurance that you will get for your money.

High points earning potential

You’ll earn uncapped points in Virgin Australia’s Velocity Frequent Flyer program when you use your card for purchases, and you can redeem the points for flights and seat upgrades with Virgin and its global airline partners, as well as for other kinds of travel, accommodation, car hire, BP fuel purchases and gift cards or merchandise from the Velocity Rewards Store.

Securing award flights is the most productive way to use the points, giving them a redemption value of around 1.3 cents per point, compared with only about 0.5 cents per point if used for gift cards. You can get an even better return on your points by using them for business class fares or upgrades.

The points earning system allows you to earn more points when purchasing Virgin Australia products. Here’s how it works:

  • 2.25 Velocity points per dollar spent on Virgin Australia products such as flights and holidays
  • 1.25 points per dollar for most other purchases
  • 0.5 points per dollar spent with government bodies (ATO, Australia Post, council rates, &c)

This means that you’re getting an extra 0.5 points per dollar on most of your spending when compared with the Amex Velocity Escape Card. If you were to spend a total of $20,000 a year on the card and use the extra 10,000 points for flights, the higher earning rate alone would be worth around $130 per annum.

The absence of any kind of points cap or threshold is also an attractive feature when compared with many competing rewards cards.

Generous 50,000 bonus points

Using the same estimate of 1.3 cents per point (for award flight redemptions), it’s possible to put a value of $650 (or three return economy flights between Sydney and Melbourne or Brisbane) on the 50,000 ‘Welcome aboard’ bonus points that you’ll receive for spending $3,000 in the first three months of holding the card. That’s a target easily achievable for most cardholders by simply channelling all everyday spending and bill payments through the card.

Unfortunately, you won’t qualify for the bonus points if you’ve held any kind of card directly issued by American Express itself in the last 18 months. However, the bonus points will be credited to a new cardholder who is a current or recent holder of an Amex companion card (i.e. a card issued by one of the Big Four Banks as part of a dual account with a Visa or Mastercard).

Travel benefits

  • Free flight every year. Amex welcomes you as a new cardholder and then wishes you a Happy Anniversary every year, with a complimentary return domestic economy flight following your first card spend in each 12 month period. The long list of domestic destinations provides a flexibility not matched by cards linked to Qantas, which usually offer complimentary flights between mainland state capitals only. A Virgin return flight between Melbourne and Brisbane is worth at least $293.
  • Lounge passes. Each year you’ll get two complimentary single entry passes to the domestic Virgin Australia lounge at selected airports. Depending on your Velocity membership level, lounge access costs at least $300 per year, or $65 for a single visit, so these two passes are worth $130 if you are the kind of traveller who uses and appreciates an airport lounge. You’ll also get two single entry passes to the American Express lounge at Sydney international airport, worth $55 each. That’s a total of $240 per year in lounge pass value.
  • Velocity Frequent Flyer status credits

Regular travellers know the value of airline status credits, which help them to maintain elevated membership tiers like Silver, Gold and Platinum. These higher membership levels confer benefits such as priority service, check-in and seating, lounge access and additional baggage allowance. In any year where you spend at least $50,000 using your card, you’ll receive 100 status credits to help you maintain your membership level.

  • Complimentary domestic and international travel insurance. You and your family will be covered for emergency medical expenses, flight delays and missed flights or cancellations, transport accidents, personal liability and lost, damaged, delayed or stolen luggage when you purchase your full trip fare with the card or with Velocity points. (Note that supplementary cardholders are not covered unless they are the spouse or child of the primary cardholder, and there’s no rental vehicle excess cover.) This type of multi-trip travel insurance costs at least $430 for a fairly basic policy.

Additional insurance cover

Personal items purchased with the card are covered against theft, loss or damage for 90 days – they’ll be repaired or replaced – and if a retailer refuses to accept return of an unused item within 90 days, Amex will provide a refund instead. It’s difficult to ascribe a price to this kind of insurance, but it can be valuable if you ever need to use it. There’s no extended warranty or purchase price protection insurance, however.

Amex’s award-winning service is also a kind of insurance, providing 24/7 card support worldwide, online fraud protection and emergency card replacement.

Digital wallet

For extra convenience, the card is enabled for contactless payment via your phone or other mobile device through Apple Pay, Samsung Pay or Google Pay.

Cost versus benefit

The annual cost of holding this card is the $375 annual fee (when compared with the $0 annual fee of the American Express Velocity Escape Card).

The annual benefits to which a value can be assigned are:

  • Higher points earning rate: $130
  • Free domestic return flight: $293
  • Lounge passes: $240
  • Travel insurance: $430
  • Total: $1,093

The purchase protection and refund insurance policies are not included in the above calculation, and the once-only 50,000 bonus points (potentially worth $650) are also excluded. But it’s easy to see that this is a card which could deliver a positive financial benefit every year to a frequent flyer who chooses to travel with Virgin Australia and its partner airlines.

The competition

Virgin Australia has its own premium card offering Velocity rewards – the Virgin Australia Velocity High Flyer Credit Card – with a lower annual fee but a much less attractive points earning rate.

Best card for Velocity Frequent Flyers

If you fly regularly with Virgin Australia, you should take a serious look at this card. Check out the various benefits against your own spending pattern and lifestyle, to work out whether the American Express Velocity Platinum Card’s extensive rewards, travel and other benefits will deliver for you. And the 50,000 points boost is a great way to start the relationship.

Disclaimer: 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
Customer service

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
Card tier
Card type
American Express
Card use
Credit rating
No bad credit history
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Rewards program
Velocity Frequent Flyer
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 months1%$10,000 or 70% of credit limit20.74% 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 ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.12 months1%$10,000 or 70% of credit limit 20.74% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

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


Annual fee
$375 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
Overseas emergency card replacement fee
Transaction verification fee

Rewards & points

Cool stuff you can get with your points

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
Points cap per year
Points earned on ATO payments
0.5 pts per $1 spent
Reward points
1.25 pts per $1 spent

Additional benefits

Airport lounge access
Complimentary flight voucher
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.

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